The Indian stock market is expected to open on a lower note on Thursday, following global peers down as a rout in tech stocks dragged the US benchmark indices down after disappointing forecasts by Facebook-owner Meta. The Gift Nifty futures were trading lower, indicating a slow start to trading.
Asian stocks fell on Thursday as disappointing earnings forecasts from Meta Platforms weighed on tech shares, while the yen’s slump past 155 per dollar for the first time since 1990 raised concerns. The tech sell-off in the US had a ripple effect on Asian tech stocks, with markets in Japan, China, and Hong Kong trading lower.
Investors are closely watching corporate earnings, with tech bellwethers like Alphabet, Microsoft, and Intel set to report later in the day. Additionally, focus will be on the first quarter US GDP data and personal consumption expenditures for March.
In commodities, oil prices eased slightly as concerns about a potential US economic slowdown outweighed worries over the Middle East conflict. Gold prices edged higher.
Overall, the market sentiment is cautious, with investors monitoring global cues and corporate earnings closely. The Indian stock market is likely to see a slow start, with key indices expected to open lower.
